inmagene-biopharmaceuticals-secures-21-million-in-series-b-funding

By Akshay Kedari  Date: 2020-11-09

inmagene-biopharmaceuticals-secures-21-million-in-series-b-funding

Inmagene Biopharmaceuticals, a Chinese pharmaceutical company, has recently revealed that it has logged US$21 million from its Series B funding round which was led by Vertex Ventures China. Reportedly, the funding saw co-investment from investors like Kunlun Capital, Panacea Venture, and SCVC.

As per sources, the capital will be utilized for research and development, product in-licensing activities and global clinical trials. As of this date, Inmagene has managed to raise more than $40 million from fundraising. The company is a prominent drug developer that specializes in immunology-related therapeutic regions.

Inmagene’s management team is deeply rooted in China and has a strong global experience. Its pipeline is strengthened by two prospects- the first being its in-licenses clinical-stage foreign therapeutics that suits China, while the second being its strategic relations with global players along with whom it conducts wide-scale multi-center clinical trials.

It is worth noting that Inmagene leverages China's cost-efficient resources to create best-in-class drugs at an affordable price point. Moreover, it has commenced four new innovative programs for validated drug targets.

Speaking on the move, Dr. Jonathan Wang, CEO and Chairman, Inmagene, said that the company is grateful to Panacea, Vertex, SCVC and Kunlun along with other investors for providing strong support. This financing will help the firm strengthen its leading position in China’s immunology drug development space.

Mr. Tay Choon Chong, Managing Partner, Vertex Ventures China, commented that the organization is delighted to be a part of Inmagene's Series B funding round as its lead investor. The development of immunology-related therapeutics still remains as a 'blue ocean' in China.

Mr. Chong added that Inmagene has made some early breakthroughs in the field of immunology and has managed to develop a strong R&D pipeline. Vertex believes that with a broad global vision and robust innovative capabilities, Inmagene has the potential to develop more competitive products at a global scale to satisfy patients' needs.

Source Credit: https://www.pharmiweb.com/press-release/2020-11-09/inmagene-biopharmaceuticals-closed-21-million-series-b-financing-making-the-total-raised-to-date-o

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Google to offer cyber insurance to cloud users with Munich Re, Allianz

Google to offer cyber insurance to cloud users with Munich Re, Allianz

By Akshay Kedari

Google, Allianz, and Munich Re have teamed up to launch a Risk Protection Program. This program intends to reduce cloud security risks and provide cyber insurance designed for Google Cloud users. Google Cloud, Munich Re, Allianz Global Corporat...

Space startup GITAI secures USD 17.1 million in Series B funding round

Space startup GITAI secures USD 17.1 million in Series B funding round

By Akshay Kedari

Japanese space technology startup GITAI has reportedly secured UDS 17.1 million through a Series B funding round which was led by SPARX Innovation from Future Co. Ltd. The round also saw participation from DCL Venture Growth Fund, EP-GB (Epson’...

Williams Racing and Acronis extend their cyber protection partnership

Williams Racing and Acronis extend their cyber protection partnership

By Akshay Kedari

Williams Racing, a British Formula One motor racing team, has announced to have renewed its technology partnership with a Switzerland-based leading cyber protection and software company Acronis International GmbH. As a part of the Official Cyber Pro...

Tesla planning to set up EV manufacturing facility in Karnataka, India

Tesla planning to set up EV manufacturing facility in Karnataka, India

By Akshay Kedari

American electric car company Tesla Inc. has reportedly signed an agreement to manufacture its electric vehicles in Karnataka, India after announcing an entry into the South Asian country in 2021. The company had established its Indian subsidiary cal...

Pandemic forces Heineken to recoup profits by cutting 8000 jobs

Pandemic forces Heineken to recoup profits by cutting 8000 jobs

By Akshay Kedari

The Dutch brewing company, Heineken N.V., has recently revealed its plans to cut around 8000 jobs in an attempt to restore its operating margins after it witnessed a sharp decline in its profit trajectory amid the COVID-19 pandemic. Moreover, it will...